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Dadang Husen Sobana
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Program Studi Manajemen Keuangan Syariah Fakultas Ekonomi dan Bisnis Islam UIN Sunan Gunung Djati Bandung Jl. AH. Nasution No 105 40614 Bandung
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Finansha: Journal of Sharia Financial Management
Published by UIN Sunan Gunung Djati Bandung
ISSN : 27750868     EISSN : 27742687     DOI : https://doi.org/10.15575/fsfm.v1i2
Core Subject : Economy,
Economics, Econometrics & Finance
This journal aims to broaden and create innovative concepts, theories, paradigms, perspectives, and methodologies within the scope mentioned above. The scope of this journal will include but is not limited to Islamic economics, sharia business, Islamic banking, Islamic capital market, Islamic wealth management, issues of implementation/practice of sharia banking, zakat, and waqf, takaful, corporate sharia finance, management. Sharia-compliant risks, Islamic derivatives, Sharia Supervisory Board issues, Islamic business ethics, Islamic accounting, and Islamic auditing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 100 Documents
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EVOLVING STRATEGIES: INDIA'S ECONOMIC DIPLOMACY IN THE GLOBAL ERA Nandy, Debasish
Finansha: Journal of Sharia Financial Management Vol. 5 No. 1 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i1.36382

Abstract

 This study explores the evolution and strategies of India's economic diplomacy from 1991 to the present, focusing on Japan's role within the Special Strategic and Global Partnership framework. It highlights the transformation of India's economic policies due to globalization and emphasizes the significance of the partnership with Japan through key initiatives like the Delhi-Mumbai Industrial Corridor and the Mumbai-Ahmedabad High-Speed Rail project. The research identifies strategic measures taken by India to enhance economic competitiveness and address sustainability challenges. Despite progress, issues such as reliance on foreign technology and the need for sustainable development remain. Using a qualitative approach and secondary data from official documents, government reports, academic journals, and media publications, the study provides a comprehensive understanding of the dynamics and complexities of India's economic diplomacy. Focusing on domestic industry development, energy efficiency, and innovation, India aims to achieve long-term economic sustainability. The findings contribute to the literature on economic diplomacy and offer insights for policymakers to enhance international economic relationships.
THE INTERPLAY BETWEEN E-COMMERCE OPTIMIZATION, CONSUMER TRUST, AND IMPULSIVE BUYING IN THAILAND: A COMPREHENSIVE ANALYSIS Phukhang, Passapol
Finansha: Journal of Sharia Financial Management Vol. 5 No. 1 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i1.36420

Abstract

This study investigates the burgeoning e-commerce market in Thailand, focusing on consumer trust, e-commerce optimization, and impulsive buying behaviors among Generation Z. With a significant portion of Thailand's population engaging in online shopping, the study aims to understand the factors influencing consumer trust and the impact of e-commerce optimization on impulsive buying. Using a quantitative approach, data were collected from 721 respondents aged 18-28 and data analysis using SEM-PLS. The main findings show that e-commerce optimization has a significant positive correlation with consumer trust (R² = 0.965) and impulsive buying (R² = 0.988). This research provides practical contributions for e-commerce practitioners to enhance their marketing and operational strategies based on these findings The results indicate a strong positive correlation between consumer trust and e-commerce optimization, The practical implications of these findings suggest that e-commerce platforms should focus on enhancing their security features and user-friendliness to foster consumer trust, which in turn can lead to increased impulsive buying. Additionally, businesses can utilize these insights to design more effective marketing strategies that leverage consumer trust to drive impulsive purchases. This research provides practical contributions for e-commerce practitioners to enhance their marketing and operational strategies based on these findings. Despite challenges such as consumer trust issues and logistical inefficiencies, the potential for e-commerce growth in Thailand remains substantial, driven by government support and private sector innovation.
MAQASHID SHARIA AND CUSTOMER DECISIONS IN ISLAMIC HOUSING FINANCE: EVIDENCE FROM WEST JAVA Ramadhan, Fajri Haykal; Ismal, Rifky
Finansha: Journal of Sharia Financial Management Vol. 5 No. 2 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i2.38520

Abstract

The purpose of this study is to analyze Maqashid Sharia, specifically dharuriyat (necessities) proxied by service quality, hajiat (complementary needs) proxied by location, and tahsiniyat (embellishments) proxied by promotion, on customer decisions within the FLPP program in Islamic banking in West Java. This study adopts a quantitative research approach. Primary data were collected through a structured questionnaire, with the sampling technique employed being purposive sampling. The sample size consists of 100 customers of BJB Syariah and BTN Syariah involved in the FLPP (Housing Financing Liquidity Facility) program in West Java. Data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM).The study concludes that the variables dharuriyat, hajiat, and tahsiniyat significantly influence customer decisions in the FLPP program, accounting for 75.5% of the decision-making process, categorized as strong. Among these, the dharuriyat variable, represented by service quality, has the highest impact, contributing 72.5%. The findings imply that customers' decisions to secure a home through the FLPP program are primarily driven by their housing needs rather than investment motives. In contrast, the tahsiniyat variable, represented by promotion, exhibits the lowest impact at 21%. This outcome indicates that tahsiniyat elements, which enhance the aesthetic and convenience aspects of life, are not critical to fulfilling essential or complementary needs (dharuriyat and hajiat). Thus, their absence does not pose significant difficulties or threats to these core elements.
ALTMAN Z-SCORE ANALYSIS OF FINANCIAL DISTRESS IN ISSI-LISTED COSMETICS AND HOUSEHOLD MANUFACTURING SECTOR Yuningsih, Firda; Suherman, Usep Deden; Suhendi
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.39335

Abstract

This study aims to examine the application of the Altman Z-Score model in assessing financial distress and financial conditions of manufacturing companies in the cosmetics and household needs sub-sectors listed on the Indonesian Sharia Stock Index (ISSI) from 2013 to 2022. Employing a descriptive quantitative approach, the study selects its sample through purposive sampling from the population of relevant manufacturing firms within the ISSI. The findings demonstrate that the Altman Z-Score model effectively analyzes financial distress in these companies. Among the firms studied, PT Akasha Wira Internasional Tbk, PT Mustika Ratu Tbk, PT Unilever Indonesia Tbk, and PT Mandom Indonesia Tbk exhibit healthy financial conditions, whereas PT Martina Berto Tbk shows signs of financial distress. This research provides practical implications for companies by offering a reliable predictive tool to identify potential bankruptcy risks, enabling proactive financial management and strategic decision-making based on current conditions and future prospects.
DETERMINANTS OF THE P/B RATIO IN THE COSMETIC SUBSECTOR IN INDONESIA Chandra, Dicky
Finansha: Journal of Sharia Financial Management Vol. 5 No. 2 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i2.40377

Abstract

The cosmetics industry in Indonesia has seen significant growth in recent years, driven by high competition, rapid consumer trend shifts, and the need for constant product innovation. This study aims to analyze the effects of capital structure, profitability, and firm size on the Price to Book Ratio (P/B Ratio) of companies in Indonesia's cosmetics subsector. Using a quantitative approach with a descriptive-verificative analysis, the study population includes 10 cosmetics companies listed on the Indonesia Sharia Stock Index (ISSI) from 2021 to 2023, utilizing a saturated sample. Data were collected from each company's annual financial reports, focusing on variables such as Debt to Equity Ratio (DER), Return on Assets (ROA), and total assets as indicators of capital structure, profitability, and firm size, respectively. Multiple linear regression analysis was conducted to determine the impact of these financial metrics on firm value. The findings show that capital structure (DER) and profitability (ROA) positively and significantly affect the P/B Ratio, while firm size has no significant impact. These results imply that cosmetics companies should focus on managing debt strategically and improving profitability to enhance market valuation, as investors prioritize financial health and adaptability over sheer size.
PROFITABILITY OF ISLAMIC COMMERCIAL BANKS IN INDONESIA: DETERMINANTS AND IMPLICATIONS Fitria, Cahyani Wulan; Setiawan, Agus
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.40499

Abstract

The performance of Islamic Commercial Banks (BUS) in Indonesia is faced with significant challenges related to global economic fluctuations, the COVID-19 pandemic, and the industrial transformation of the merger of Bank Syariah Indonesia (BSI). This observation aims to guess the profitability factor (ROA) of BUS focusing on macroeconomic variables (Inflation, GDP, BI7DRR) and internal bank variables (CAR, BOPO, NPF, and FDR) within 2019-2023. Quantitative methods are suitable to be applied using multiple linear regression analysis with secondary panel data from 11 BUS samples, annual financial data of BSI before and after merging are included using the pronorma method, resulting in 55 sample results then processed with IBM SPSS 29 tools. It was found that GDP and CAR have a significant positive effect on ROA. BOPO and NPF have a significant negative effect on ROA. Inflation, BI7DRR, and FDR have no significant Impact on ROA. The resulting presentation of 87.3% of the above variables affects profitability, while the rest is generated from variables outside the study. These findings reinforce the importance of controlling asset quality, capital strengthening, and operational efficiency in increasing BUS profitability in Indonesia. The government also needs to make strong regulations for the sustainability of Islamic financial institutions, especially Islamic banking. This research practically provides recommendations to policymakers to strengthen regulations related to asset quality, and operational efficiency. The inclusion of BSI analysis before and after the merger, can provide broad, unique, and impactful insights into restructuring in the context of Islamic banking in Indonesia.
TRANSFORMING STUDENT INTO ENTREPRENEURS: THE ROLE OF ENTREPRENEURSHIP EDUCATION AND E-COMMERCE Harisandi, Prasetyo; Nurhidayah, Rika; Yusriani, Sri; Yuningsih, Nining; Tikaromah, Oom; Sarjaya, Sarjaya
Finansha: Journal of Sharia Financial Management Vol. 5 No. 2 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i2.40685

Abstract

This study investigates the impact of entrepreneurship education and e-commerce utilization on students' entrepreneurial interest at Pelita Bangsa University within the digital era. Using a quantitative approach and a survey method, data were collected from 100 students who had completed entrepreneurship courses and had experience utilizing e-commerce platforms. The results, analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS), indicate that entrepreneurship education significantly fosters a creative mindset and enhances entrepreneurial motivation. Simultaneously, e-commerce proficiency facilitates market accessibility, thereby increasing students' inclination toward digital entrepreneurship. These findings emphasize the critical interplay between entrepreneurship education and e-commerce in shaping entrepreneurial aspirations. The study contributes to the literature by providing actionable insights for educational institutions to design more robust entrepreneurship curricula and e-commerce training programs, ultimately fostering a generation of skilled digital entrepreneurs in Indonesia.
EXPLORING THE FACTORS AFFECTING PURCHASE BEHAVIOR OF ORGANIC FOOD: A STUDY ON DHAKA CITY Miah, MD Qaium; Jim, Mahafizur Rahman
Finansha: Journal of Sharia Financial Management Vol. 5 No. 2 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i2.40804

Abstract

Organic food’s demand is expanding day by day as organic food is healthier and environmental-friendly compared to nonorganic food. The awareness of organic food also is rising in the Asia-pacific region. Consumers’ buying pattern of organic food has dramatically changed during the time. This study’s aim is to examine the predictors of purchase intention and consumer buying pattern of organic food in Dhaka, Bangladesh. Data was collected from 310 organic food consumers and SEM (structural equation modeling) was used to analyze the data thorough using Smart PLS. The findings of the study showed that self-identity is the most important predictor of purchase intention of organic food in Dhaka, Bangladesh, health consciousness is the 2nd most significant predictor, and attitude is the 3rd most important predictor. Purchase intention is found to mediate the relationship between self-identity, health consciousness, and attitude with purchase behavior. The predictive role of subjective norm, moral norm, environmental concern, and the moderating role of trust and purchasing power were not proven in this study. This study provides important insights about the organic food market in Dhaka, Bangladesh.
INTEGRATING TECHNOLOGY SKILLS WITH INTERPERSONAL COMPETENCIES TO ENHANCE GRADUATE EMPLOYABILITY IN MALAYSIAN TECHNICAL UNIVERSITY NETWORKS Wong, Reynold; Saraih, Ummi Naiemah
Finansha: Journal of Sharia Financial Management Vol. 5 No. 2 (2024): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v5i2.41400

Abstract

The Fourth Industrial Revolution (4IR) has heightened the demand for graduates equipped with a balanced integration of technological skills and interpersonal competencies to meet the evolving needs of the workforce. This concept paper explores the critical role of technology skills as a moderating factor in enhancing the impact of self-efficacy, soft skills, and personality traits on graduate employability within the Malaysian Technical University Network (MTUN). By examining these relationships, the study provides a framework to align graduate training with the demands of technology-driven industries. The findings emphasize the importance of embedding both technical and interpersonal skills into educational curricula to equip graduates for dynamic, technology-centric workplaces. This paper offers actionable insights to guide curriculum reforms, ensuring graduates are holistically prepared to thrive in the rapidly evolving global economy shaped by 4IR advancements.
INTEGRATION OF ISLAMIC AND CONVENTIONAL STOCK INDICES BEFORE, DURING, AND AFTER COVID OUTBREAK: EMPIRICAL INSIGHTS FROM FIVE ASEAN COUNTRIES AND THE US Utami, Alia Tri; Setiawan, Ilham; Annisa, Novita Nur; Muniroh, Rezqya Aulia Azyuranie; Sari, Devi Anita
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.41635

Abstract

This study aims to examine the long-term integration among Islamic capital markets in five ASEAN countries namely Indonesia (ISSI), Malaysia (FTSE-MB), Thailand (FTSE-SET), Singapore (FTSE-SGX), and the Philippines (MSCI-PH) along with the U.S. stock market (DJIA) before, during, and after the COVID outbreak. Utilizing a quantitative approach, the study analyzed daily closing prices from November 2018 (a year before the COVID-19 outbreak) to May 2024 (a year following the COVID-19 outbreak). We employed the Johansen cointegration test and the Vector Error Correction Model (VECM) to assess market cointegration. Results reveal that all ASEAN Islamic indices exhibit significant cointegration with the Dow Jones Industrial Average (DJIA). The FTSE-SET and MSCI-PH indices show a strong positive correlation with the DJIA; in contrast, the ISSI and FTSE-SGX indices display a negative correlation, suggesting potential diversification benefits for investors. The Granger Causality Test further identifies causal linkages between certain ASEAN indices and the DJIA. These findings underscore the influence of global dynamics on ASEAN Islamic markets, despite their unique characteristics. The results advocate for portfolio diversification and the formulation of adaptive economic policies to enhance the stability of ASEAN Islamic markets amid global financial volatility.

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